UBS' $160M Muni Bond Settlement Draws Fire

Law360, New York (May 10, 2011, 4:15 PM EDT) -- A New York federal judge on Tuesday told UBS AG to respond to claims that it brokered a $160 million antitrust settlement with 25 attorneys general in order to circumvent multidistrict litigation over alleged bid-rigging in the bond derivatives market.

U.S. District Judge Victor Marrero ordered UBS to answer on Wednesday to attorneys for municipalities in the antitrust MDL, who claim the bank is trying to make an end-run around the lawsuit and secure a sweeping settlement that avoids scrutiny from the court.

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